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Portland Real Estate Update By Rob Levy

Portland Real Estate Update June 2018

The Portland metro area saw mixed results in May, 2018 the lastest reporting period.  New listings increased may 1017 by 6.3% and also rose 16.9% over the previous month (April, 2018) for a total of 4,665. 

Closed sales fell though some 3.2% over the same month last year -but- were up 11.1% over April 2018 for 2,803 closed sales.

Pending sales fared similarly with 3,201 new pending sales.  This is down 6.8% from May of last year but up 6.4% from April 2018

Our inventory remained pretty much the same with the total market time down five days to an average of 37 days on market.

The average sales price comparing May 2017 through May, 2018 is up 5.9% from $423,800 to $448,600.  The median sales price rose 8% from $370,000 to $399,500

 

As far as whats hot, and whats not....  It seems homes priced under about $450,000 still are selling well, many with multiple offers.  However, once you get above the $550,000 range and on upwards it slows down significantly.  The report  from RMLS (which you can download the entire 7 page report by CLICKING HERE) has a breakdown by area and price.

Keep in mind interest rates keep creeping up. In my opinion as a professional top selling Realtor in the Portland market for 30 years now we may run into an issue..... If the entry level home becomes too hard to buy due to increasing prices and increasing interest rates, then that market slows down.  So if the entry level homes dont sell, then the second level homes dont sell to those buyers and so on.  Having said that, we are still the bargain basement of the west coast when compared to other large west coast cities, and people continue to move here especially from the bay area and the LA area too.

December Residential Highlights
The Portland metro area saw mixed numbers this December, but new listings made gains compared to December 2016. At 1,617, new listings showed a 13.8% increase compared to December 2016, despite a 33.1% decrease from last month in November 2017 (2,416). This was the strongest December for new listings in the Portland metro area since 2011, when 1,700 new listings were offered.
Pending sales (1,757) exactly matched the 1,757 offers accepted last year in December 2016 but showed a 25.9% cooling from the 2,371 offers that were accepted last month in November 2017.
Closed sales, at 2,350, ended with a 10.3% decrease from December 2016 (2,621) and fell 1.6% short of the 2,387 closings recorded last month in November 2017 as well.
Total market time in December ended at 55 days, with inventory decreasing slightly to 1.6 months.
Year to Date Summary
Activity in 2017 was a little cool compared to 2016. New listings (40,805) decreased 0.8%, closed sales (31,624) decreased 3.6%, and pending sales (31,330) decreased 5.7%.
Average and Median Sale Prices
Prices continued to rise in the Portland metro area in 2017. Comparing the entirety of 2017 to 2016, the average sale price rose 8.5% from $395,000 to $428,700. In the same comparison, the median sale price rose 9.5% from $347,000 to $379,900.Information courtesy RMLS.

16 States Where Incomes are Booming (Oregon is #7)

This is an interesting article given how it affects us....  Oregon is the 7th hottest market for incomes increasing as our employment continues to increase.  GIven our home prices are significantly lower than say Seattle, our big neighbor to the north and also that Seattle's incomes are higher, this may affect our housing market significantly.  We are already seeing people move their companies to Portland from the LA and Bay area markets due to their employees not being able to afford a house but many have gone in the past to Seattle, skipping Portland altogether.  Now we may see more of this migration.

You can view the full article here....  

Tesla Model 3 Report / June '18

I have had the car about 6 weeks now and am LOVING IT!

On a recent drive from our house in the Raleigh Hills area of SW Portland to Astoria on the NW coast, then some driving around, then back to home I still had enough battery left to probably make it to Seattle.  I am getting about 330-340 miles out of the battery, which really seems to eliminate the supercharging need, in fact I have yet to use one even though there is one close to my house, and one near Astoria.  I find myself in my usual driving charging it at home about every 3rd night.

I ran into my first problem though, a clunk in the steering rack.  Apparently a "few hundred" were identified and I took the car to the Tesla repair shop to have it replaced.  They loaned me a P100D model S, and I had a blast. So no complaints here!  The shop was super clean and nice (no fumes as there are no internal combusion engines there) and they were super efficent.

I simply cant say enough about this car. I compare it to living inside an arcade game, its fun, a massive amount of torque and its very clever.  The patented AC system in the model 3 is better than any car I have ever been in too.  More as I drive it more....